OptimumBank Holdings, Inc. Financial Performance for the Third Quarter of 2025 | OPHC Stock News
OptimumBank Holdings, Inc. reported strong financial performance for Q3 2025, with net earnings of $4.32 million ($0.37 per basic share). This marks an increase from $3.60 million in Q2 2025 and $3.30 million in Q3 2024. Total deposits grew by $80.62 million to $959.49 million, while gross loans increased by $29.16 million to $813.72 million. The company’s net interest margin rose to 4.37%, and total assets reached $1.08 billion. Chairman Moishe Gubin highlighted the bank's growth and commitment to delivering value to shareholders amid industry challenges.
Fort Lauderdale, FL, Nov. 12, 2025 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (NYSE American: OPHC) (the “Company”) is a one-bank holding company and owns 100% of OptimumBank (the “Bank”). The Company is pleased to announce net earnings of $4.32 million, or $0.37 per basic share, and $0.18 per diluted share, for the third quarter of 2025. This compares to net earnings of $3.60 million, or $0.31 per basic share, and $0.15 per diluted share, for the second quarter of 2025, and $3.30 million net earnings, or $0.34 per basic share, and $0.15 per diluted share, for the comparable quarter last year. For the nine-month period ended September 30, 2025, net earnings was $11.80 million, or $1.00 per basic share, and $0.50 per diluted share, compared to net earnings of $9.17 million, or $1.02 per basic share, and $0.45 per diluted share, for the nine-month period ended September 30, 2024. The increase of $2.63 million in earnings for the nine-month period ended September 30, 2025, compared to the same period in 2024, was primarily driven by a $5.26 million improvement in net interest income and $1.49 million increase in noninterest income, partially offset by an increase in noninterest expenses and income taxes. The diluted share count incorporates the effect of certain changes to existing preferred shares, and comparability with prior diluted EPS figures may be affected accordingly.
The Company has demonstrated continued progress during the third quarter of 2025. Total deposits grew by $80.62 million from June 30, 2025, reaching $959.49 million at September 30, 2025, up 9.17% from the prior quarter, or 36.68% annualized. This also represents a growth of $152.98 million in total deposits since the third quarter of 2024 or 18.97%. The gross loan portfolio increased by $29.16 million or 3.72% during the third quarter of 2025 to $813.72 million, or 14.88% annualized.
Highlights for the Third Quarter of 2025
| ● | Net earnings of $4.32 million, or $0.37 per basic share, and $0.18 diluted earnings per share (“diluted EPS”). | |
| ● | Return on Average Assets (ROAA) was 1.68% for the third quarter of 2025, compared to 1.48% for the second quarter of 2025. | |
| ● | Net interest margin was 4.37%, reflecting a 5basis point increase from 4.32% in the second quarter of 2025. | |
| ● | Total assets grew by $83.92 million to $1.08 billion from June 30, 2025, an annualized increase of approximately 33.60%. | |
| ● | Total deposits grew by $80.62 million to $959.49 million from June 30, 2025, representing an annualized increase of approximately 36.69%. | |
| ● | Gross loans increased by $29.16 million during the quarter. | |
| ● | Total stockholders’ equity increased by $5.54 million to $116.89 million as of September 30, 2025, up from $111.35 million as of June 30, 2025, reflecting continued earnings retention. | |
“As we celebrate OptimumBank’s 25th anniversary, we are proud to report another quarter of strong performance and steady growth,” said Moishe Gubin, Chairman of the Board. “Our momentum continues to build as we expand our customer base, strengthen our core earnings, and deliver meaningful value to our shareholders. Despite ongoing industry headwinds, our team’s disciplined approach to deposit pricing, targeted lending, and operating efficiency continues to drive results. With a growing foundation of loyal customers and a well-capitalized balance sheet, we are entering our next chapter with confidence, agility, and excitement for the opportunities ahead.”
Net interest income increased to $11.05 million, up by $0.81 million from the second quarter of 2025 and $2.09 million from the third quarter of 2024, supported by higher yields on loans and other earning assets and lower costs on interest-bearing liabilities. The cost of interest-bearing liabilities improved to 3.48%, down from 3.49% in the second quarter, while interest-earning asset yields expanded to 6.46%. The Company’s net interest margin rose to 4.37%, a reflection of disciplined deposit pricing strategy and balance sheet optimization.
Noninterest income grew to $1.98 million, a quarterly increase of $0.15 million, driven by increases in service charges and fee-based revenue, gains on sales of government guaranteed loans, and loan prepayment fees. Noninterest expenses increased to $6.60 million, primarily due to higher staffing and infrastructure investments supporting long-term scalability and data processing. The Company maintained an efficiency ratio of 50.68%, consistent with prudent cost management amid balance sheet expansion.
Credit loss expense decreased to $0.76 million, due to the decrease in the specific reserve booked on nonaccrual loans. Gross charge-offs remained modest at $129,000, while recoveries totaled $170,000, resulting in net recoveries of $41,000, reflecting a well-managed loan portfolio. The allowance for credit losses stood at $10.02 million as of September 30, 2025, or 1.23% of total loans.
Loan portfolio dynamics were mixed in the third quarter of 2025. Gross loans increased by $29.16 million. Commercial real estate and consumer segments continued to expand, growing by $46.64 million and $5.79 million, respectively. These gains were offset by a $17.76 million decline in land and construction loans and a $4.75 million decline in commercial loans, consistent with the stabilization of and migration of construction to permanent loans status and other evolving market conditions.
On the funding side, total deposits increased by $80.62 million to $959.49 million from the second quarter of 2025, while core noninterest-bearing demand deposits increased by $54.16 million to $313.97 million. The Company had no borrowings during the third quarter.
Capital levels remain strong, with a Tier 1 Capital to Total Assets of 11.71%, well above regulatory minimums. The Company remains well positioned to support continued growth and earnings momentum through the remainder of 2025.
The Company’s outlook remains constructive. The Company continues to invest in technology, talent, and targeted growth strategies that reinforce its position as one of the most dynamic and rapidly growing community banks in South Florida. We remain grateful for the trust and partnership of our shareholders, customers, and employees.
The following table presents the Company’s quarterly trends of the consolidated financial highlights (unaudited) for the periods presented:
| Quarterly Trends | 3Q25 change vs | |||||||||||||||||||||||||||
| (Dollars in thousands, except ratios and per share amounts) | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 | 2Q25 | 3Q24 | |||||||||||||||||||||
| Selected Balance Sheet Data | ||||||||||||||||||||||||||||
| Total assets | $ | 1,083,043 | $ | 999,127 | $ | 977,468 | $ | 932,933 | $ | 945,192 | $ | 83,916 | $ | 137,851 | ||||||||||||||
| Total gross loans | 813,722 | 784,564 | 800,244 | 804,240 | 778,058 | 29,158 | 35,664 | |||||||||||||||||||||
| Total deposits | 959,487 | 878,865 | 852,934 | 772,195 | 806,506 | 80,622 | 152,981 | |||||||||||||||||||||
| Earnings Highlights | ||||||||||||||||||||||||||||
| Net earnings | $ | 4,323 | $ | 3,602 | $ | 3,870 | $ | 3,949 | $ | 3,302 | $ | 721 | $ | 1,021 | ||||||||||||||
| Diluted earnings per share (EPS) | $ | 0.18 | $ | 0.15 | $ | 0.17 | $ | 0.18 | $ | 0.15 | $ | 0.03 | $ | 0.03 | ||||||||||||||
| Net interest income | $ | 11,048 | $ | 10,242 | $ | 9,426 | $ | 9,235 | $ | 8,962 | $ | 806 | $ | 2,086 | ||||||||||||||
| Performance Ratios | ||||||||||||||||||||||||||||
| Net interest margin | 4.37 | % | 4.32 | % | 4.06 | % | 4.19 | % | 3.96 | % | 0.05 | % | 0.41 | % | ||||||||||||||
| Net interest spread | 2.98 | % | 3.08 | % | 2.87 | % | 2.90 | % | 2.61 | % | (0.10 | )% | 0.37 | % | ||||||||||||||
| Cost of interest-bearing liabilities | 3.48 | % | 3.49 | % | 3.59 | % | 4.02 | % | 4.17 | % | (0.01 | )% | (0.69 | )% | ||||||||||||||
| Efficiency ratio | 50.68 | % | 51.18 | % | 52.79 | % | 42.53 | % | 52.45 | % | (0.50 | )% | (1.77 | )% | ||||||||||||||
| Net loan-to-deposit ratio | 83.67 | % | 88.13 | % | 92.77 | % | 102.95 | % | 95.34 | % | (4.46 | )% | (11.67 | )% | ||||||||||||||
| Return on (annualized) | ||||||||||||||||||||||||||||
| Average assets (ROAA) | 1.68 | % | 1.48 | % | 1.62 | % | 1.62 | % | 1.42 | % | 0.20 | % | 0.26 | % | ||||||||||||||
| Average equity (ROAE) | 15.17 | % | 13.10 | % | 14.66 | % | 16.19 | % | 14.74 | % | 2.07 | % | 0.43 | % | ||||||||||||||
| Average tangible assets (ROTA) | 1.68 | % | 1.48 | % | 1.62 | % | 1.62 | % | 1.42 | % | 0.20 | % | 0.26 | % | ||||||||||||||
| Pre-tax pre-provision net revenue (PPNR) | $ | 6,426 | $ | 5,895 | $ | 5,031 | $ | 5,921 | $ | 4,792 | $ | 531 | $ | 1,634 | ||||||||||||||
| Other Operating Measures | ||||||||||||||||||||||||||||
| Common shares outstanding | 11,883,943 | 11,751,082 | 11,751,082 | 11,636,092 | 10,006,960 | 132,861 | 1,876,983 | |||||||||||||||||||||
| Non-diluted tangible book value per share | $ | 9.84 | $ | 9.48 | $ | 9.19 | $ | 8.87 | $ | 9.26 | $ | 0.36 | $ | 0.58 | ||||||||||||||
| Fully diluted shares outstanding | 23,523,473 | 23,390,612 | 23,390,612 | 23,275,622 | 21,646,490 | 132,861 | 1,876,983 | |||||||||||||||||||||
| Fully diluted tangible book value per share | $ | 4.97 | $ | 4.76 | $ | 4.62 | $ | 4.43 | $ | 4.28 | $ | 0.21 | $ | 0.69 | ||||||||||||||
| Tangible common equity to tangible assets | 10.79 | % | 11.14 | % | 11.05 | % | 11.06 | % | 9.81 | % | (0.35 | )% | 0.98 | % | ||||||||||||||
| Tier 1 Capital to total assets | 11.71 | % | 11.89 | % | 11.71 | % | 10.91 | % | 10.38 | % | (0.18 | )% | 1.33 | % |
Financial Results
Statement of Earnings
Net earnings was $4.32 million for the third quarter of 2025, compared to net earnings of $3.60 million for the second quarter of 2025, and $3.30 million for the third quarter of 2024. The increase from the second quarter of 2025 was primarily due to an increase in other interest income to $2.09 million, compared to a $1.40 million in the second quarter. Compared to the third quarter of 2024, net earnings increased by approximately $1.02 million.
Total interest income was $16.32 million for the third quarter of 2025, compared to $15.59 million in the second quarter of 2025 and $15.33 million in the third quarter of 2024. The sequential growth was driven by a $64.86 million increase in average other interest earning assets, which include interest-earning deposits with banks. Compared to the third quarter of 2024, the increase was primarily due to a $30.13 million increase in average loan balances and a $77.59 million increase in average other balances, which include interest-earning deposits with banks.
The following table depicts the components of interest income for the quarterly periods presented:
| Quarterly Trends | 3Q25 change vs | |||||||||||||||||||||||||||
| (Dollars in thousands) | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 | 2Q25 | 3Q24 | |||||||||||||||||||||
| Interest income | ||||||||||||||||||||||||||||
| Loans | $ | 14,082 | $ | 14,026 | $ | 13,601 | $ | 13,679 | $ | 13,588 | $ | 56 | $ | 494 | ||||||||||||||
| Debt securities | 153 | 158 | 160 | 154 | 163 | (5 | ) | (10 | ) | |||||||||||||||||||
| Other | 2,086 | 1,404 | 1,246 | 1,809 | 1,583 | 682 | 503 | |||||||||||||||||||||
| Total interest income | $ | 16,321 | $ | 15,588 | $ | 15,007 | $ | 15,642 | $ | 15,334 | $ | 733 | $ | 987 |
Interest expense totaled $5.27 million for the third quarter of 2025, compared to $5.35 million for the second quarter of 2025 and $6.37 million for the third quarter of 2024. Compared to the second quarter of 2025, the decrease in interest expense was primarily attributable to a 1 basis point decrease in the cost of interest-bearing liabilities, from 3.49% to 3.48%, largely driven by the continued decrease in the cost of time deposits due to repricing and the repayment of borrowings. Compared to the third quarter of 2024, the decrease in interest expense was substantial, with a 69 basis points decrease in the cost of interest-bearing liabilities, from 4.17% to 3.48% and a significant reduction in average savings, NOW and money-market deposits and borrowings outstanding. This reduction in funding costs in conjunction with the growth in total deposits and reflects disciplined deposit pricing and management of funding sources.
Net interest income was $11.05 million in the third quarter of 2025, up from $10.24 million in the second quarter of 2025 and $8.96 million in the third quarter of 2024. The quarter-over-quarter increase was driven by higher yields on loans, where average yields improved by 5 basis points, as well as growth in the average interest-earning deposits with banks. A modest decrease in funding costs also contributed to the improvement. On a year-over-year basis, the growth in net interest income was primarily attributable to a $30.13 million increase in average loan balances and a $77.59 million increase in average interest-earning deposits with banks balances, further supported by lower funding costs.
Net interest margin expanded to 4.37% for the third quarter of 2025, compared to 4.32% and 3.96% for the second and third quarters of 2025 and 2024, respectively. Compared to the second quarter of 2025, net interest margin increased by 5 basis points, principally driven by improved yields on interest-earning assets (especially on loans up from 6.99% to 7.04%) combined with a modest decrease in interest-bearing liabilities cost (down from 3.49% to 3.48%). Compared to the third quarter of 2024, net interest margin expanded by 41 basis points, primarily attributable to a decrease in the average cost of interest-bearing liabilities.
The cost of interest-bearing liabilities was 3.48% in the third quarter of 2025, down from 3.49% in the second quarter of 2025 and down from 4.17% in the third quarter of 2024. The decrease from the second quarter of 2025 was primarily due to continued repricing in the time deposit portfolio, coupled with a reduction in borrowings outstanding during the quarter. Compared to the same quarter last year, the cost of interest-bearing liabilities decreased substantially by 41 basis points. This improvement in funding costs reflects effective balance sheet management, including disciplined deposit pricing and a reduced reliance on higher-cost borrowings, allowing the Company to optimize its funding mix amidst ongoing competitive pressures and industry-wide shifts in deposit behavior.
Credit loss expense was $0.76 million during the third quarter of 2025, compared to an expense of $1.04 million in the second quarter of 2025, and an expense of $0.36 million for the third quarter of 2024. The decrease in credit loss expense from the second quarter was primarily attributable to the decrease in the specific reserve booked on nonaccrual loans. Gross charge-offs remained modest at $129,000, while recoveries totaled $170,000, resulting in net recoveries of $41,000 during the third quarter of 2025. The Company’s allowance for credit losses stood at $10.02 million, or 1.23% of total loans, as of September 30, 2025.
Noninterest income totaled $1.98 million for the third quarter of 2025, up from $1.83 million in the prior quarter and $1.12 million in the third quarter of 2024. The quarter-over-quarter increase of $0.15 million was primarily driven by growth in service charges and fee-based revenue, gains on sales of government guaranteed loans, and loan prepayment fees. Compared to the same quarter last year, the $0.86 million increase in noninterest income was largely due to higher gains on sales of government guaranteed loans, higher service charges and fee-based revenue, supported by expanded deposit relationships and increased transaction volumes.
Noninterest expenses totaled $6.60 million for the third quarter of 2025, compared to $6.18 million in the second quarter of 2025 and $5.29 million in the third quarter of 2024. The quarter-over-quarter increase of $0.42 million was primarily due to higher salaries and employee benefits and data processing, which increased by $0.26 million to $4.00 million from $3.74 million and by $0.16 million to $0.79 million from $0.63 million, respectively in the prior quarter, reflecting staff growth and seasonal compensation and increased transaction volumes. Compared to the third quarter of 2024, the increase of $1.31 million was driven by the same staffing-related trends, as well as increases in data processing, and other operating expenses, as the Company continued investing in infrastructure and growth initiatives.
The following table depicts the components of noninterest expenses for the quarterly periods presented:
| Quarterly Trends | 3Q25 change vs | |||||||||||||||||||||||||||
| (Dollars in thousands) | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 | 2Q25 | 3Q24 | |||||||||||||||||||||
| Noninterest expenses | ||||||||||||||||||||||||||||
| Salaries and employee benefits | $ | 4,004 | $ | 3,738 | $ | 3,381 | $ | 2,145 | $ | 3,078 | $ | 266 | $ | 926 | ||||||||||||||
| Professional fees | 276 | 275 | 247 | 374 | 266 | 1 | 10 | |||||||||||||||||||||
| Occupancy and equipment | 327 | 294 | 282 | 243 | 234 | 33 | 93 | |||||||||||||||||||||
| Data processing | 788 | 625 | 533 | 570 | 574 | 163 | 214 | |||||||||||||||||||||
| Regulatory assessment | 126 | 202 | 198 | 204 | 241 | (76 | ) | (115 | ) | |||||||||||||||||||
| Other | 1,083 | 1,047 | 985 | 846 | 892 | 36 | 191 | |||||||||||||||||||||
| Total noninterest expenses | $ | 6,604 | $ | 6,181 | $ | 5,626 | $ | 4,382 | $ | 5,285 | $ | 423 | $ | 1,319 |
Income tax expense was $1.34 million for the third quarter of 2025, modestly higher from $1.25 million in the second quarter of 2025 and $1.13 million in the third quarter of 2024. The effective tax rate for the quarter was 23.7%, compared to 25.8% in the prior quarter and 25.5% from the prior year comparative quarter.
Balance Sheet
Total assets were $1.08 billion as of September 30, 2025, increasing from $999.13 million at June 30, 2025, and up from $945.19 million at September 30, 2024. The quarter-over-quarter growth of $83.92 million was primarily attributable to a $53.33 million increase in interest-bearing deposits with banks and a $28.26 million increase in loans.
Cash and cash equivalents at September 30, 2025, was $235.09 million, up significantly from $181.75 million at June 30, 2025, and up from $131.60 million at September 30, 2024. The increase was primarily driven by the growth in interest-bearing deposits with banks.
Investment securities (debt securities available for sale and held-to-maturity) at September 30, 2025, were $23.17 million, compared to $22.64 million at June 30, 2025, and $24.80 million at September 30, 2024. Compared to June 30, 2025, investment securities increased by $0.53 million, and compared to September 30, 2024, decreased by $1.62 million. No sales of debt securities were reported during these periods.
Total gross loans at September 30, 2025, were $813.72 million, an increase from $784.56 million at June 30, 2025, and up from $778.06 million at September 30, 2024. Gross loans increased during the quarter reflecting growth in commercial real estate and consumer loans, which is offset by payoff of several segments of loans. Compared to September 30, 2024, the gross loan portfolio increased by $35.66 million, reflecting growth over the past year.
The allowance for credit losses (“ACL”) was $10.02 million as of September 30, 2025, representing 1.23% of total loans, increasing from 1.19% at June 30, 2025, and up from $9.34 million and $8.34 million at June 30, 2025, and September 30, 2024, respectively. The quarter-over-quarter increase of $0.68 million was primarily driven by the growth in the loan portfolio. The increase was further supported by net recoveries of $41,000, as gross charge-offs remained modest at $129,000 and recoveries totaled $170,000. The ACL ratio reflects continued credit discipline and a well-diversified loan portfolio.
The following table presents the components of the ACL as of the dates indicated:
| September 30, 2025 change vs | ||||||||||||||||||||||||||||
| (Dollars in thousands) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2025 | September 30, 2024 | |||||||||||||||||||||
| Beginning balance | $ | 9,338 | $ | 8,270 | $ | 8,660 | $ | 8,337 | $ | 8,208 | $ | 1,068 | $ | 1,130 | ||||||||||||||
| Credit loss expense (reversal) - funded | 639 | 1,043 | (144 | ) | 569 | 409 | (404 | ) | 230 | |||||||||||||||||||
| Charge-offs | (129 | ) | (72 | ) | (325 | ) | (336 | ) | (366 | ) | (57 | ) | 237 | |||||||||||||||
| Recoveries | 170 | 97 | 79 | 90 | 86 | 73 | 84 | |||||||||||||||||||||
| Ending balance | $ | 10,018 | $ | 9,338 | $ | 8,270 | $ | 8,660 | $ | 8,337 | $ | 680 | $ | 1,681 |
Nonaccrual loans totaled $2.98 million at September 30, 2025, compared to $3.22 million at June 30, 2025, and $2.18 million at September 30, 2024. The decrease from the prior quarter was primarily due to the transfer of a nonaccrual consumer loan to other assets during the quarter. There were no loans 90 days or more past due and still accruing interest as of September 30, 2025. Additionally, the Company did not report any modified loans to borrowers experiencing financial difficulty during the third quarter of 2025.
Nonperforming assets (NPA) reflected strong asset quality at September 30, 2025. Nonaccrual loans decreased to $2.98 million from $7.58 million at December 31, 2024. The Company reported one real estate owned (REO) property totaling $0.6 million that was transferred to other assets related to a previously reported nonaccrual consumer loan.
Total deposits at September 30, 2025, were $959.49 million, an increase from $878.87 million at June 30, 2025, and from $806.51 million at September 30, 2024. The increase from June 30, 2025, was attributable to increases in noninterest-bearing demand deposits and savings, NOW and money-market deposits, and time deposits. Noninterest-bearing demand deposits notably rose from $259.82 million to $313.97 million. Noninterest-bearing deposits accounted for 32.72% of total deposits at September 30, 2025, compared to 29.56% at June 30, 2025, and 25.09% at September 30, 2024. The Company continues to maintain a diverse and stable funding base.
Accumulated other comprehensive loss (AOCL) was $(4.75) million at September 30, 2025. This compares to $(5.41) million at June 30, 2025, and $(4.48) million at September 30, 2024. The unrealized loss in AOCL decreased by $0.66 million quarter-over-quarter, primarily due to the decline in long-term interest rates impacting the fair value of available-for-sale securities, as the Company recorded an unrealized gain of $0.90 million on these securities during the period. Year-over-year, AOCL slightly expanded by $0.27 million, reflecting the net impact of fair value changes over the trailing twelve months. All AOCL amounts represent unrealized losses and have no impact on reported earnings.
Shareholders’ equity was $116.89 million as of September 30, 2025, compared to $111.35 million as of June 30, 2025, and $92.70 million as of September 30, 2024. The quarter increase was principally attributable to third quarter net earnings of $4.32 million, a decrease in accumulated other comprehensive loss and an increase in additional paid-in capital.
Tangible book value per share at September 30, 2025, was $9.84, up from $9.48 at June 30, 2025, and $9.26 at September 30, 2024. This non-diluted measure is based on common shares outstanding, which were 11,883,943 at September 30, 2025 (up from 11,751,082 at June 30, 2025, and up from 10,006,960 at September 30, 2024).
However, while GAAP accounting generally presents book value based on common shares outstanding, the Company believes a more comprehensive measure of shareholder value, particularly given its capital structure, is on a fully diluted basis. This is because its preferred shares convert without accumulating a coupon, essentially acting as nonvoting common equity.
On a fully diluted basis, tangible book value per share was $4.97 at September 30, 2025, up from $4.76 at June 30, 2025, or 17.64% annualized and $4.28 at September 30, 2024, or 16.12%. This is based on fully diluted shares outstanding of 23,523,473 at September 30, 2025 (up from 23,390,612 at June 30, 2025, and up from 21,646,490 at September 30, 2024).
The increase in both non-diluted and fully diluted tangible book value per share reflects strong quarterly earnings performance and overall capital strength.
FORWARD-LOOKING STATEMENTS
Certain statements made in this report which are not statements of historical fact are forward-looking statements within the meaning of, and subject to the protection of, the federal securities laws. Forward looking statements include, among others, statements with respect to our beliefs, plans, objectives, goals, targets, expectations, anticipations, assumptions, estimates, intentions and future performance and involve known and unknown risks, many of which are beyond our control and which may our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements made in this report. You can identify forward-looking statements through our use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “should,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions. Forward-looking statements are based on our current beliefs and expectations and are subject to significant risks and uncertainties. Accordingly, we caution you not to place undue reliance on such statements. We undertake no obligation to update or revise any of our forward-looking statements for events or circumstances that arise after the statement is made, except as otherwise may be required by law.
Investor Relations & Corporate Relations
Contact: Seth Denison
Telephone: (305) 401-4140
Email: SDenison@OptimumBank.com
OptimumBank Holdings, Inc.
Consolidated Balance Sheets
(Dollars in thousands)
| September 30, 2025 change vs | ||||||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | September 30, | ||||||||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||
| Cash and due from banks | $ | 9,271 | $ | 8,833 | $ | 13,542 | $ | 13,982 | $ | 15,357 | $ | 438 | $ | (6,086 | ) | |||||||||||||
| Interest-bearing deposits with banks | 225,815 | 172,921 | 129,914 | 79,648 | 116,242 | 52,894 | 109,573 | |||||||||||||||||||||
| Total cash and cash equivalents | 235,086 | 181,754 | 143,456 | 93,630 | 131,599 | 53,332 | 103,487 | |||||||||||||||||||||
| Debt securities available for sale | 22,926 | 22,378 | 23,043 | 22,773 | 24,495 | 548 | (1,569 | ) | ||||||||||||||||||||
| Debt securities held-to-maturity | 246 | 260 | 269 | 281 | 300 | (14 | ) | (54 | ) | |||||||||||||||||||
| Loans, net of allowance for credit losses | 802,812 | 774,548 | 791,232 | 794,985 | 768,914 | 28,264 | 33,898 | |||||||||||||||||||||
| Federal Home Loan Bank stock | 658 | 658 | 1,128 | 2,929 | 2,454 | - | (1,796 | ) | ||||||||||||||||||||
| Premises and equipment, net | 2,308 | 2,426 | 2,249 | 2,062 | 1,938 | (118 | ) | 370 | ||||||||||||||||||||
| Right-of-use lease assets | 2,725 | 2,552 | 2,647 | 2,679 | 1,950 | 173 | 775 | |||||||||||||||||||||
| Accrued interest receivable | 3,171 | 3,138 | 3,287 | 3,348 | 3,147 | 33 | 24 | |||||||||||||||||||||
| Deferred tax asset | 3,238 | 3,135 | 2,777 | 3,001 | 2,788 | 103 | 450 | |||||||||||||||||||||
| Other assets | 9,873 | 8,278 | 7,380 | 7,245 | 7,607 | 1,595 | 2,266 | |||||||||||||||||||||
| Total assets | $ | 1,083,043 | $ | 999,127 | $ | 977,468 | $ | 932,933 | $ | 945,192 | $ | 83,916 | $ | 137,851 | ||||||||||||||
| Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||
| Noninterest-bearing demand deposits | $ | 313,973 | $ | 259,816 | $ | 235,779 | $ | 211,900 | $ | 202,373 | $ | 54,157 | $ | 111,600 | ||||||||||||||
| Savings, NOW and money-market deposits | 309,087 | 300,907 | 289,768 | 278,355 | 318,402 | 8,180 | (9,315 | ) | ||||||||||||||||||||
| Time deposits | 336,427 | 318,142 | 327,387 | 281,940 | 285,731 | 18,285 | 50,696 | |||||||||||||||||||||
| Total deposits | 959,487 | 878,865 | 852,934 | 772,195 | 806,506 | 80,622 | 152,981 | |||||||||||||||||||||
| Federal Home Loan Bank advances | - | - | 10,000 | 50,000 | 40,000 | - | (40,000 | ) | ||||||||||||||||||||
| Operating lease liabilities | 2,846 | 2,661 | 2,746 | 2,774 | 2,056 | 185 | 790 | |||||||||||||||||||||
| Other liabilities | 3,822 | 6,253 | 3,785 | 4,780 | 3,935 | (2,431 | ) | (113 | ) | |||||||||||||||||||
| Total liabilities | 966,155 | 887,779 | 869,465 | 829,749 | 852,497 | 78,376 | 113,658 | |||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||||||
| Preferred stock: | ||||||||||||||||||||||||||||
| Series B Convertible Preferred | - | - | - | - | - | - | - | |||||||||||||||||||||
| Series C Convertible Preferred | - | - | - | - | - | - | - | |||||||||||||||||||||
| Common stock | 119 | 118 | 118 | 116 | 99 | 1 | 20 | |||||||||||||||||||||
| Additional paid-in capital | 112,574 | 112,010 | 112,015 | 111,485 | 103,878 | 564 | 8,696 | |||||||||||||||||||||
| Retained earnings (accumulated deficit) | 8,948 | 4,625 | 1,023 | (2,847 | ) | (6,798 | ) | 4,323 | 15,746 | |||||||||||||||||||
| Accumulated other comprehensive loss | (4,753 | ) | (5,405 | ) | (5,153 | ) | (5,570 | ) | (4,484 | ) | 652 | (269 | ) | |||||||||||||||
| Total stockholders’ equity | 116,888 | 111,348 | 108,003 | 103,184 | 92,695 | 5,540 | 24,193 | |||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 1,083,043 | $ | 999,127 | $ | 977,468 | $ | 932,933 | $ | 945,192 | $ | 83,916 | $ | 137,851 |
OptimumBank Holdings, Inc.
Consolidated Statements of Earnings - Quarterly
(Dollars in thousands, except per share amounts)
| Quarterly Trends | 3Q25 change vs | |||||||||||||||||||||||||||
| 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 | 2Q25 | 3Q24 | ||||||||||||||||||||||
| Interest income | ||||||||||||||||||||||||||||
| Loans | $ | 14,082 | $ | 14,026 | $ | 13,601 | $ | 13,679 | $ | 13,588 | $ | 56 | $ | 494 | ||||||||||||||
| Debt securities | 153 | 158 | 160 | 154 | 163 | (5 | ) | (10 | ) | |||||||||||||||||||
| Other | 2,086 | 1,404 | 1,246 | 1,809 | 1,583 | 682 | 503 | |||||||||||||||||||||
| Total interest income | 16,321 | 15,588 | 15,007 | 15,642 | 15,334 | 733 | 987 | |||||||||||||||||||||
| Interest expense | ||||||||||||||||||||||||||||
| Deposits | 5,273 | 5,322 | 5,278 | 6,005 | 5,962 | (49 | ) | (689 | ) | |||||||||||||||||||
| Borrowings | - | 24 | 303 | 402 | 410 | (24 | ) | (410 | ) | |||||||||||||||||||
| Total interest expense | 5,273 | 5,346 | 5,581 | 6,407 | 6,372 | (73 | ) | (1,099 | ) | |||||||||||||||||||
| Net interest income | 11,048 | 10,242 | 9,426 | 9,235 | 8,962 | 806 | 2,086 | |||||||||||||||||||||
| Credit loss expense (reversal) | 763 | 1,040 | (165 | ) | 613 | 357 | (277 | ) | 406 | |||||||||||||||||||
| Net interest income after credit loss expense (reversal) | 10,285 | 9,202 | 9,591 | 8,622 | 8,605 | 529 | 2,492 | |||||||||||||||||||||
| Noninterest income | ||||||||||||||||||||||||||||
| Service charges and fees | 1,252 | 1,099 | 1,038 | 958 | 990 | 153 | 262 | |||||||||||||||||||||
| Other | 730 | 735 | 193 | 110 | 125 | (5 | ) | 605 | ||||||||||||||||||||
| Total noninterest income | 1,982 | 1,834 | 1,231 | 1,068 | 1,115 | 148 | 867 | |||||||||||||||||||||
| Noninterest expenses | ||||||||||||||||||||||||||||
| Salaries and employee benefits | 4,004 | 3,738 | 3,381 | 2,145 | 3,078 | 266 | 926 | |||||||||||||||||||||
| Professional fees | 276 | 275 | 247 | 374 | 266 | 1 | 10 | |||||||||||||||||||||
| Occupancy and equipment | 327 | 294 | 282 | 243 | 234 | 33 | 93 | |||||||||||||||||||||
| Data processing | 788 | 625 | 533 | 570 | 574 | 163 | 214 | |||||||||||||||||||||
| Regulatory assessment | 126 | 202 | 198 | 204 | 241 | (76 | ) | (115 | ) | |||||||||||||||||||
| Other | 1,083 | 1,047 | 985 | 846 | 892 | 36 | 191 | |||||||||||||||||||||
| Total noninterest expenses | 6,604 | 6,181 | 5,626 | 4,382 | 5,285 | 423 | 1,319 | |||||||||||||||||||||
| Net earnings before income taxes | 5,663 | 4,855 | 5,196 | 5,308 | 4,435 | 808 | 1,228 | |||||||||||||||||||||
| Income taxes | 1,340 | 1,253 | 1,326 | 1,359 | 1,133 | 87 | 207 | |||||||||||||||||||||
| Net earnings | $ | 4,323 | $ | 3,602 | $ | 3,870 | $ | 3,949 | $ | 3,302 | $ | 721 | $ | 1,021 | ||||||||||||||
| Net earnings per share - Basic | $ | 0.37 | $ | 0.31 | $ | 0.33 | $ | 0.38 | $ | 0.34 | $ | 0.06 | $ | 0.03 | ||||||||||||||
| Net earnings per share - Diluted | $ | 0.18 | $ | 0.15 | $ | 0.17 | $ | 0.18 | $ | 0.15 | $ | 0.03 | $ | 0.03 |
OptimumBank Holdings, Inc.
Consolidated Statements of Earnings - Year-to-Date
(Dollars in thousands, except per share amounts)
| Nine Months Ended | ||||||||||||
| September 30, | ||||||||||||
| 2025 | 2024 | Change | ||||||||||
| Interest income | ||||||||||||
| Loans | $ | 41,709 | $ | 38,372 | $ | 3,337 | ||||||
| Debt securities | 471 | 498 | (27 | ) | ||||||||
| Other | 4,736 | 5,116 | (380 | ) | ||||||||
| Total interest income | 46,916 | 43,986 | 2,930 | |||||||||
| Interest expense | ||||||||||||
| Deposits | 15,873 | 16,959 | (1,086 | ) | ||||||||
| Borrowings | 327 | 1,574 | (1,247 | ) | ||||||||
| Total interest expense | 16,200 | 18,533 | (2,333 | ) | ||||||||
| Net interest income | 30,716 | 25,453 | 5,263 | |||||||||
| Credit loss expense | 1,638 | 1,610 | 28 | |||||||||
| Net interest income after credit loss expense | 29,078 | 23,843 | 5,235 | |||||||||
| Noninterest income | ||||||||||||
| Service charges and fees | 3,389 | 2,822 | 567 | |||||||||
| Other | 1,658 | 733 | 925 | |||||||||
| Total noninterest income | 5,047 | 3,555 | 1,492 | |||||||||
| Noninterest expenses | ||||||||||||
| Salaries and employee benefits | 11,123 | 8,958 | 2,165 | |||||||||
| Professional fees | 798 | 699 | 99 | |||||||||
| Occupancy and equipment | 903 | 642 | 261 | |||||||||
| Data processing | 1,946 | 1,702 | 244 | |||||||||
| Regulatory assessment | 526 | 593 | (67 | ) | ||||||||
| Other | 3,115 | 2,484 | 631 | |||||||||
| Total noninterest expenses | 18,411 | 15,078 | 3,333 | |||||||||
| Net earnings before income taxes | 15,714 | 12,320 | 3,394 | |||||||||
| Income taxes | 3,919 | 3,147 | 772 | |||||||||
| Net earnings | $ | 11,795 | $ | 9,173 | $ | 2,622 | ||||||
| Net earnings per share - Basic | $ | 1.00 | $ | 1.02 | $ | (0.02 | ) | |||||
| Net earnings per share - Diluted | $ | 0.50 | $ | 0.45 | $ | 0.05 |
OptimumBank Holdings, Inc.
Consolidated Average Balances, Interest Income and Expenses, Yields and Rates (QTD)
(Dollars in thousands, except average yields/rates)
| 3Q25 | 2Q25 | 3Q24 | ||||||||||||||||||||||||||||||||||
| Interest | Average | Interest | Average | Interest | Average | |||||||||||||||||||||||||||||||
| Average | and | Yield/ | Average | and | Yield/ | Average | and | Yield/ | ||||||||||||||||||||||||||||
| Balance | Dividends | Rate(5) | Balance | Dividends | Rate(5) | Balance | Dividends | Rate(5) | ||||||||||||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||||||||||||||||||||
| Loans | $ | 800,336 | $ | 14,082 | 7.04 | % | $ | 803,171 | $ | 14,026 | 6.99 | % | $ | 770,206 | $ | 13,588 | 7.06 | % | ||||||||||||||||||
| Securities | 22,695 | 153 | 2.70 | % | 22,684 | 158 | 2.79 | % | 24,045 | 163 | 2.71 | % | ||||||||||||||||||||||||
| Other (1) | 188,109 | 2,086 | 4.44 | % | 123,254 | 1,404 | 4.56 | % | 110,521 | 1,583 | 5.73 | % | ||||||||||||||||||||||||
| Total interest-earning assets/interest income | 1,011,140 | 16,321 | 6.46 | % | 949,109 | 15,588 | 6.57 | % | 904,772 | 15,334 | 6.78 | % | ||||||||||||||||||||||||
| Cash and due from banks | 9,557 | 12,833 | 13,500 | |||||||||||||||||||||||||||||||||
| Premises and equipment | 2,414 | 2,336 | 1,957 | |||||||||||||||||||||||||||||||||
| Other | 5,209 | 8,421 | 7,025 | |||||||||||||||||||||||||||||||||
| Total assets | $ | 1,028,320 | $ | 972,699 | $ | 927,254 | ||||||||||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||
| Savings, NOW and money-market deposits | $ | 286,156 | $ | 1,800 | 2.52 | % | $ | 280,454 | $ | 1,742 | 2.48 | % | $ | 326,365 | $ | 2,707 | 3.32 | % | ||||||||||||||||||
| Time deposits | 320,800 | 3,473 | 4.33 | % | 330,118 | 3,580 | 4.34 | % | 244,374 | 3,255 | 5.33 | % | ||||||||||||||||||||||||
| Borrowings (2) | - | - | - | 2,222 | 24 | 4.32 | % | 40,120 | 410 | 4.09 | % | |||||||||||||||||||||||||
| Total interest-bearing liabilities/interest expense | 606,956 | 5,273 | 3.48 | % | 612,794 | 5,346 | 3.49 | % | 610,859 | 6,372 | 4.17 | % | ||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 298,670 | 241,457 | 220,564 | |||||||||||||||||||||||||||||||||
| Other liabilities | 8,687 | 8,502 | 6,217 | |||||||||||||||||||||||||||||||||
| Stockholders’ equity | 114,007 | 109,946 | 89,614 | |||||||||||||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 1,028,320 | $ | 972,699 | $ | 927,254 | ||||||||||||||||||||||||||||||
| Net interest income | $ | 11,048 | $ | 10,242 | $ | 8,962 | ||||||||||||||||||||||||||||||
| Interest-rate spread (3) | 2.98 | % | 3.08 | % | 2.61 | % | ||||||||||||||||||||||||||||||
| Net interest margin (4) | 4.37 | % | 4.32 | % | 3.96 | % | ||||||||||||||||||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 1.67 | 1.55 | 1.48 |
| (1 | ) | Includes interest-earning deposits with banks and Federal Home Loan Bank stock dividends. |
| (2 | ) | Includes Federal Home Loan Bank advances and Federal Reserve Bank advances. |
| (3 | ) | Interest-rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities. |
| (4 | ) | Net interest margin is net interest income divided by average interest-earning assets. |
| (5 | ) | Annualized. |
OptimumBank Holdings, Inc.
Consolidated Average Balances, Interest Income and Expenses, Yields and Rates (YTD)
(Dollars in thousands, except average yields/rates)
| Nine Months Ended September 30, | ||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||
| Interest | Average | Interest | Average | |||||||||||||||||||||
| Average | and | Yield/ | Average | and | Yield/ | |||||||||||||||||||
| Balance | Dividends | Rate(5) | Balance | Dividends | Rate(5) | |||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||||||||
| Loans | $ | 800,117 | $ | 41,709 | 6.95 | % | $ | 743,537 | $ | 38,372 | 6.88 | % | ||||||||||||
| Securities | 22,785 | 471 | 2.76 | % | 23,900 | 498 | 2.78 | % | ||||||||||||||||
| Other (1) | 143,171 | 4,736 | 4.41 | % | 121,174 | 5,116 | 5.63 | % | ||||||||||||||||
| Total interest-earning assets/interest income | 966,073 | 46,916 | 6.48 | % | 888,611 | 43,986 | 6.60 | % | ||||||||||||||||
| Cash and due from banks | 12,078 | 13,844 | ||||||||||||||||||||||
| Premises and equipment | 2,297 | 1,720 | ||||||||||||||||||||||
| Other | 4,383 | 6,523 | ||||||||||||||||||||||
| Total assets | $ | 984,831 | $ | 910,698 | ||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||
| Savings, NOW and money-market deposits | $ | 281,207 | $ | 5,293 | 2.51 | % | $ | 323,694 | $ | 7,613 | 3.14 | % | ||||||||||||
| Time deposits | 321,011 | 10,580 | 4.39 | % | 234,652 | 9,346 | 5.31 | % | ||||||||||||||||
| Borrowings (2) | 11,482 | 327 | 3.80 | % | 49,712 | 1,574 | 4.22 | % | ||||||||||||||||
| Total interest-bearing liabilities/interest expense | 613,700 | 16,200 | 3.52 | % | 608,058 | 18,533 | 4.06 | % | ||||||||||||||||
| Noninterest-bearing demand deposits | 253,000 | 214,773 | ||||||||||||||||||||||
| Other liabilities | 8,284 | 5,894 | ||||||||||||||||||||||
| Stockholders’ equity | 109,847 | 81,973 | ||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 984,831 | $ | 910,698 | ||||||||||||||||||||
| Net interest income | $ | 30,716 | $ | 25,453 | ||||||||||||||||||||
| Interest-rate spread (3) | 2.96 | % | 2.54 | % | ||||||||||||||||||||
| Net interest margin (4) | 4.24 | % | 3.82 | % | ||||||||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 1.57 | 1.46 |
| (1 | ) | Includes interest-earning deposits with banks and Federal Home Loan Bank stock dividends. |
| (2 | ) | Includes Federal Home Loan Bank advances and Federal Reserve Bank advances. |
| (3 | ) | Interest-rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities. |
| (4 | ) | Net interest margin is net interest income divided by average interest-earning assets. |
| (5 | ) | Annualized. |
OptimumBank Holdings, Inc.
Segments of Loans Analysis
(Dollars in thousands)
| September 30, 2025 change vs | ||||||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | September 30, | ||||||||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | ||||||||||||||||||||||
| Residential real estate | $ | 66,723 | $ | 66,602 | $ | 71,638 | $ | 74,064 | $ | 75,877 | $ | 121 | $ | (9,154 | ) | |||||||||||||
| Multi-family real estate | 67,435 | 68,321 | 63,615 | 64,001 | 62,280 | (886 | ) | 5,155 | ||||||||||||||||||||
| Commercial real estate | 524,865 | 478,224 | 482,113 | 485,671 | 479,038 | 46,641 | 45,827 | |||||||||||||||||||||
| Land and construction | 43,364 | 61,126 | 80,338 | 77,295 | 72,729 | (17,762 | ) | (29,365 | ) | |||||||||||||||||||
| Commercial | 45,604 | 50,351 | 50,585 | 52,810 | 39,957 | (4,747 | ) | 5,647 | ||||||||||||||||||||
| Consumer | 65,731 | 59,940 | 51,955 | 50,399 | 48,177 | 5,791 | 17,554 | |||||||||||||||||||||
| Total loans | 813,722 | 784,564 | 800,244 | 804,240 | 778,058 | 29,158 | 35,664 | |||||||||||||||||||||
| Deduct: | ||||||||||||||||||||||||||||
| Net deferred loan fees and costs | (892 | ) | (678 | ) | (742 | ) | (595 | ) | (807 | ) | (214 | ) | (85 | ) | ||||||||||||||
| Allowance for credit losses | (10,018 | ) | (9,338 | ) | (8,270 | ) | (8,660 | ) | (8,337 | ) | (680 | ) | (1,681 | ) | ||||||||||||||
| Loans, net | $ | 802,812 | $ | 774,548 | $ | 791,232 | $ | 794,985 | $ | 768,914 | $ | 28,264 | $ | 33,898 |
OptimumBank Holdings, Inc.
Allowance for Credit Losses Analysis
(Dollars in thousands)
| September 30, 2025 change vs | ||||||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | September 30, | ||||||||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Beginning balance | $ | 9,338 | $ | 8,270 | $ | 8,660 | $ | 8,337 | $ | 8,208 | $ | 1,068 | $ | 1,130 | ||||||||||||||
| Credit loss expense (reversal) - funded | 639 | 1,043 | (144 | ) | 569 | 409 | (404 | ) | 230 | |||||||||||||||||||
| Charge-offs | (129 | ) | (72 | ) | (325 | ) | (336 | ) | (366 | ) | (57 | ) | 237 | |||||||||||||||
| Recoveries | 170 | 97 | 79 | 90 | 86 | 73 | 84 | |||||||||||||||||||||
| Ending balance | $ | 10,018 | $ | 9,338 | $ | 8,270 | $ | 8,660 | $ | 8,337 | $ | 680 | $ | 1,681 |
Explanation of Certain Unaudited Non-GAAP Financial Measures
This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance and if not provided would be requested by the investor community. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might define or calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP.
Non-GAAP Reconciliations
Pre-tax, Pre-provision earnings
| (Dollars in thousands) | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 | |||||||||||||||
| Net Earnings (GAAP) | $ | 4,323 | $ | 3,602 | $ | 3,870 | $ | 3,949 | $ | 3,302 | ||||||||||
| Plus: Income Tax Expense | 1,340 | 1,253 | 1,326 | 1,359 | 1,133 | |||||||||||||||
| Plus: Credit Loss Expense (Reversal) | 763 | 1,040 | (165 | ) | 613 | 357 | ||||||||||||||
| Pre-tax, Pre-provision earnings (Non-GAAP) | $ | 6,426 | $ | 5,895 | $ | 5,031 | $ | 5,921 | $ | 4,792 |
Tangible Book Value Per Common Share and Per Fully Diluted Share
| (Dollars in thousands, except per share amounts) | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 | |||||||||||||||
| Total Stockholders’ and Tangible Equity | $ | 116,888 | $ | 111,348 | $ | 108,003 | $ | 103,184 | $ | 92,695 | ||||||||||
| Common Shares Outstanding | 11,884 | 11,751 | 11,751 | 11,636 | 10,007 | |||||||||||||||
| Plus: Effect of Conversion of Series C Preferred Shares | 526 | 526 | 526 | 526 | 526 | |||||||||||||||
| Plus: Effect of Conversion of Series B Preferred Shares | 11,114 | 11,114 | 11,114 | 11,114 | 11,114 | |||||||||||||||
| Fully Diluted Common Shares | 23,524 | 23,391 | 23,391 | 23,276 | 21,647 | |||||||||||||||
| Tangible Book Value per Common Share | $ | 9.84 | $ | 9.48 | $ | 9.19 | $ | 8.87 | $ | 9.26 | ||||||||||
| Tangible Book Value per Share - Fully Diluted | $ | 4.97 | $ | 4.76 | $ | 4.62 | $ | 4.43 | $ | 4.28 |
